Michael Burry Is Now Betting on This Ex-Warren Buffett Stock
In the first quarter of 2022, Warren Buffett's company Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) ended its decades-long relationship with the large bank Wells Fargo (NYSE: WFC). The move could be seen coming several quarters prior when Berkshire sold large chunks of its position in Wells Fargo. There had also been speculation that Buffett had lost his patience with the bank after moves Wells Fargo made following its phony accounts scandal, which came to light in 2016.
But just a year later, another prominent investor, Michael Burry, who got famous by placing short bets against the U.S. housing market right before the Great Recession, along with his fund Scion Asset Management purchased 125,000 shares of Wells Fargo in the first quarter of 2023.
While Burry loaded up on banks in the first quarter, Wells Fargo is the only too-big-to-fail bank that Burry bought. Let's take a look at what Burry might see in Wells Fargo.
Source Fool.com
Berkshire Hathaway Inc. A Stock
Our community is currently high on Berkshire Hathaway Inc. A with 3 Buy predictions and 0 Sell predictions.
With a target price of 650000 € there is a slightly positive potential of 14.44% for Berkshire Hathaway Inc. A compared to the current price of 568000.0 €.
